China’s ChiNext market finally made its debut after the ten-year effort.
ChiNext held a significant kickoff ceremony in Shenzhen on October 23 afternoon for its ChiNext market. At p.m. 4:25, the new market, a parallel with the main board officially kicked off in China.
Liu Yanhua, vice minister of the Ministry of Science and Technology, Song Dahan, deputy director of the Legislative Office of the State Council, Yao Gang, vice chairman of the CSRC, Geng Liang, the council chairman of Shanghai Stock Exchange, Shenzhen Municipal leaders and other leaders jointly witnessed the historical moment. Chen Dongzheng, the council chairman of the SZSE presided over the ceremony.
The launching of ChiNext market indicates that China has gradually established the multi-layered capital market system framework consisting of the main board, the SME board, the ChiNext board and OTC transfer market after the almost 20-year development of China’s capital market.
Shang Fulin, Chairman of the CSRC, expressed that the launch and development of ChiNext market will be a booster for the high-tech and high-growth start-ups, providing the entry and exit mechanism of joint risk assumption and interests sharing for various venture investment and social capital, improving the operating efficiency and competitiveness of China’s capital market. Some analysts also pointed out that the launch of ChiNext, the China’s Nasdaq-style market will absolutely lead to the important effect on China’s innovative economy.
“China’s ChiNext market is mainly oriented toward growth start-ups, with the key-point support for independent innovation enterprises”, the relevant person from the CSRC said. Presently the applications of 188 companies have been accepted, involving electronic information, new materials, biological medicines, modern service industry, manufacturing and so forth. Among these companies, the first batch of 28 companies will kick off the trading on Shenzhen Stock Exchange on Oct. 30.
Liu Yanhua also said that China’s ChiNext market has rich listing resources and the ChiNext market will forge the important platform to push forward the independent innovation.
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